When a salesperson came knocking unto us and asking us to invest into something we don’t even understand, our first possible action is to close our doors and refuse to listen to whatever it is they are about to say.
It’s because we know that it will cost us some time and money (probably lots of ‘em). And we do not wanna deal with another investment since we have enough bills to pay, right?
But before we say NO to an offer, there are two things we should be considering:
- How beneficial could that offer be?
- Am I missing something if I don’t invest?
When embarking into a business, the number one priority of every entrepreneur is to start right away with their venture. Often, businesses sidestep considering a protection on their business idea that will possibly do well. Without them knowing, their intellectual property is what could make or break their their business. After all, it is the backbone of their company and can be considered as their most important asset, more than the physical ones.
First off, what is intellectual property (IP)?
Intellectual property is a common term referring to a set of owned intangible assets which is legally protected by a specific business from usage outside and implementation without proper consent. Generally, IP is what provides a competitive advantage to every company who succeeded on IP registration and application, defining. Obtaining such protective rights is crucial as it is a key to prevent others, especially competition, to access and replicate a business idea.
A certain firm owning an IP can realize real value from it in various ways namely through using it internally—for its own processes or provision of products and services to clients and customers—or sharing it externally. The latter can be achieved through legal mechanisms such as royalty rights.
There is an extensive international system for defining, protecting, and enforcing intellectual property rights, comprising both multilateral treaty schemes and international organizations.
The four major intellectual property rights are:
- Trade Secrets
There are law firms dedicated to help you with legal procedures you need to protect your business IP. In the country, Aumento Intellectual Property Law Firm can serve you right with patent and trademark registration in the Philippines and other legal processes you might find beneficial for your business growth.
How Important Intellectual Property is for Every Business?
Many changes and adjustments within the economic environment have greatly affected business model’s development to which intellectual property is major element to establish value and possible growth. Because of these trends, proper intellectual property valuation, including procedures for its protection, easily become the key to succeed and be viable in the modern firm.
Greater potential profit from high valuation, increased competitive advantage, and posture as an appealing acquisition target are the reasons why intellectual property is crucial even for startups. Upon finding a company to invest in, its IP and how it’s managed are plus points to add to an evaluation checklist.
Edwin Deponte is a motivational writer who is also passionate about Digital Marketing. He believes in others’ abilities and tends to bring out people’s hidden potentials through his words of inspirations and motivational articles.
Geri’s Additional Note:
As we advance in the information age and through new technology, new business models are sprouting everywhere, disrupting the conventional ways old businesses do things (think of Uber, Amazon, Facebook disrupting transport, shopping and media advertising respectively). In this regard, I think, it becomes more and more imperative that original business ideas be protected and copyrighted through an IP investment. 🙂
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Photos: Provided by Guest Writer and from Pixabay.